According to the Complaint, Velodyne Lidar, Inc. provides solutions to develop safe automated systems including real-time surround-view lidar sensors. The Company became a public entity on or about September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that certain of Velodyne’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company’s officers and directors; (2) that the Company was investigating the foregoing matters; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
On July 2, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 21-CV-01486. Lead Plaintiffs filed a consolidated Complaint on September 1.
On February 11, 2022, Lead Plaintiffs filed a consolidated amended Complaint. Defendants filed a Motion to Dismiss the consolidated amended Complaint on March 4. On July 1, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
Lead Plaintiffs filed a Motion for Class Certification on March 20, 2023. On July 14, the Court issued an Order granting Class Certification.